Finding the best tenant for your Jacksonville rental property can feel like searching for a needle in a haystack. You want someone who will pay rent on time, take care of your property, and be a good neighbor to others in the community. But the Jacksonville area is vast, with a growing population of renters. With so many applicants vying for your vacancy, how do you ensure you’re making the best choice?
The answer lies in an optimized applicant screening process. Spectrum Realty Property Management has developed a scoring matrix based on our many years of experience and best industry practices to evaluate each tenant application in a uniform, consistent, and fair process. In this article, we’ll share insights about how our applicant screening process helps provide the best chance of procuring a high-quality tenant in the shortest amount of time.
Tenant Screening Checklist:
First Steps: Marketing
- Marketing: Once the property is determined to be ‘rent ready’, we will take professional-grade photography and publish the property listing on over 100 sites including national and regional sites including Rent.com, Homes.com, Trulia, Hotpads, Zillow, Realtor.com, Zumper, and SpectrumRealtyPM.com. Our team makes every effort to market the vacancy to as many potential tenants, for maximum exposure and visibility.
Set Criteria for Tenants: Define your ideal tenant profile
- Define your ideal tenant profile: The better you understand your future tenant, the better you can promote your property to the right type of applicant. Identifying the minimum rent-to-income qualification, the pet policy, employment and credit history verification clearly and concisely will help potential applicants accurately gauge whether they fit the requirements. These parameters may help reduce time spent reviewing unqualified applications, as well. Spectrum’s tenant screening process helps protect both the property owner and Spectrum from potential fair housing violations and provides a defense against fair housing complaints.
Online Application: Make it easy
- Make it easy: Having an online application is the easiest and most efficient option for most prospective tenants. Once a prospective tenant has toured a property, they are sent a link to complete our online application. It collects all the information needed to screen the applicant and verify their employment, credit history, past rental history, and more.
Background Checks Are Critical:
- Employment Verification: We request 1 month of recent pay stubs and the applicant’s employer contact information. Self-employed applicants are required to provide 2 years of tax returns and/or 3 months of bank statements.
- Credit Score & History: We rate potential tenants based on their credit score, which is a great indicator of risk and their likelihood of default. In addition, we consider factors including but not limited to bankruptcies, foreclosures, and collections.
- Rent-to-Income Qualification: We look for monthly income of 3 times the gross rent.
- Criminal Background: We run a criminal background screening including, but not limited to, the Sex Offender Registry and OFAC/Terrorist Database.
- Past Rental Verification: We request confirmation of tenancy, on-time rental payments, and satisfactory property conditions from previous landlords and/or property managers.
- Pet Screening: We ask all applicants, whether they do or do not have a pet, to complete a pet application. Those applicants who do not have a pet are simply required to attest to that fact.
Final Steps: Approved Applicants
- Approved Applicants: Once a tenant’s application has been approved by Spectrum Realty Property Management, they are required to execute our attorney approved Lease Agreement, submit a security deposit equal to one month’s rent, submit verification of utility connections, and schedule a move-in date within two weeks of their approval notification. Prior to move-in, Spectrum will have completed a move-in inspection, including photo documentation of the property condition, a final clean, if necessary due to showing activity, and a full re-key of the property to promote property and tenant safety.
Congratulations! You’ve screened a wonderful new tenant for your Jacksonville rental property and are on your way to success as a property owner!
Finding the Best Doesn’t Have to Be a Headache
While this checklist provides a valuable framework, managing the entire applicant screening process can be complex and time-consuming. Here at Spectrum Realty Property Management in Jacksonville, FL, we take the guesswork out of tenant screening.
Benefits of Partnering with Spectrum Realty Property Management:
- Pre-defined tenant screening criteria: We ensure all applicants meet your specific requirements.
- Streamlined application and screening process: Save time and effort with our efficient system.
- Professional background checks: Get a clear picture of each applicant’s history.
- Expert advice and guidance: We navigate fair housing laws and ensure a smooth process.
Ready to rent your home or investment property?
Contact Spectrum Realty Property Management at 904-454-4572 to talk about your property. Our mission is to help property owners achieve the goals of their real estate assets. We provide you peace of mind by proactively managing, protecting, and growing your asset as if it were our own.